|APPRICITY Corporation (U.S.)|
|Expense 8 (Australia)|
|Oracle Corporation (California)|
|TRIPPEO Technologies (Canada)|
|Unit 4 (Netherlands)|
|Market Driving Forces|
|Mobile phones have created the need for travel and expense management software|
|Self-booking feature that is attracting most of its consumers|
Travel-management software allows individuals and organizations to keep a record and track the expenses involved in the personnel as well as business travellers. It helps organizations and businesses to plan an elastic trip or tour at a reduced cost. It also helps in approving the costs incurred by the employees during the business-related travel and also helps in sending quotations for processing, submission, and reimbursement of such costs from the organization. The long procedures of recording, proving them with receipts, and getting them reimbursed from the accounts department are no more is to be practiced. The travel management software do all such things automatically by just recording your trips minute information on this software and the organization can track your activities and cost incurred directly. The travel management software market share is expected to grow from USD 895 million in 2020 to USD 17.4 billion in 2030, with a compound annual growth rate of 10.5% during the period of forecast.
The coronavirus pandemic has given a very tough time to most of the manufacturing, developing, production, and logistic units of the travel management software market. But this pandemic has also created opportunities for some industries to grow. Like some companies are completely sitting unharmed during this pandemic. So some industries will register a drop in demand and growth but some will register a rise in growth and will express promising growth opportunities. Now that the companies that have suffered losses will try to cover it up and use various methods of carrying every single minute activity cost-effectively. But the travel management software market growth will decline tremendously. The reason for this is that the software is used for keeping the record of travel and tour expenses of an individual or an organization, but as we know that during the covid-19 time there were and are a lot of restrictions on travel so no one was allowed to travel even intrastate. But once these restrictions will be lifted, the travel management software market will take no time to cover up its losses but also experience tremendous profits.
Travel Management Software Market Dynamics
Compounded and multi stratified models of organizations and rising adoption of mobile phones have created the need for travel and expense management software in the market. Every organization aims at reducing operational costs and expenses, so this travel management software will help you plan your business tour at more comfort and reduced cost. Secondly, when a person or employee goes on a business trip, he has to report all even minute expenses to the organization then he has to keep every bill and receipt with him to prove the expense incurred by him and after the verification of records, reimbursement can be claimed. So to get rid of this hassle process, companies are adopting travel management software. Lastly, the increasing adoption of mobile devices and tablets is driving the travel management software market growth. It also has a self-booking feature that is attracting most of its consumers as it automatically with due permission books everything at an economical cost.
Every single activity needs knowledge and expertise in that field. And in the case of IT software special care is to be taken in operating it. One of the major factors that will be hampering the growth of the travel management software market will be the lack of skilled labor that will be required at every point of installation of this software and also its operational techniques of handling cloud-based software systems. The second factor that will be acting as a barrier in the growth of the travel management software market is dealing with the security of the transactions and data privacy concerns. Also where the workforce is not available the control over the travel management software is not possible. There is a lot of work to be done for providing efficient and accurate data security solutions.
The wide access to travel portals and the rising adoption of travel-management software by small and medium scale enterprises will open a lot of opportunities for the market players to expand their services. Also, the travel software management market industry is expected to face data security issues as the data usually stored in cloud servers is exposed to hacking and this factor, in turn, may hamper the growth of the market. Most of the companies are joining hands with service and solutions providing IT companies to support their company while using travel management software. So of the companies that cannot afford such partnerships or acquisitions are hiring freelancer developers and programmers for their work.
Global Travel Management Software Market, 2017-2023 (USD Billion):
Travel management software market share is anticipated to witness significant growth owing to the performance of different market segments. Among all segments, the manufacturing segment is anticipated to witness tremendous growth. In addition to that, the e-commerce sector is also rising which in turn will lead to an increase in the logistics supply and transportation of goods. That is the reason why the logistics and retail segment can expect noticeable growth during the forecast period. For an amplifying use the market is segmented into the following on different bases:
The travel management software market movements are significantly working in 3 major regions of the world Europe, Asia Pacific, North America, and the rest of the world. North America is expected to be the largest market and may witness significant growth over the forecast period with a CAGR of 6%. The reason attributed to it is having the giants of technology present in that region such as oracle, expense 8, unit 4, etc. also with the rising number of small start-ups in these developing economies like China, India, Singapore, etc. will give a massive boost to the global travel management software market. China will be the leading country that will boost the CAGR OF the Asia Pacific region to second place after North America.
To get a detailed and acute idea about the travel management software market insights, it is very crucial to create a competitive environment amongst the different key players at different market locations all around the globe. At this point, only one strategy is being used by the key players and that is acquisition. This very industry prime players include:-
The travel management software market report presents a shift analysis that covers market drivers, opportunities, and restraints that are available in the global market. The report takes into account the impact of covid-19 on the key players of the travel management software market industry. The report also informs us about the segmentation of the market on a different basis and how a competitive environment is created among the key players around the globe. At last, the report shows some recent developments in the travel management software market.
|Market Size||USD 17.4 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, Application|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||APPRICITY Corporation (U.S.) ARIETT (U.S.) BASWARE (Finland) DATABASIC (U.S.) Expense 8 (Australia) FRAEDOM (U.K) Oracle Corporation (California) NetSuite (U.S.) SKYJUNXION (Beirut) TRIPPEO Technologies (Canada) INSPERITY (U.S.) INTERPIX (U.S.) Unit 4 (Netherlands) NEXONIA (Canada) Paychex (U.S.)|
|Key Market Opportunities|
|Key Market Drivers||So to get rid of this hassle process, companies are adopting travel management software|
The travel management software market is prognosticated to mark 10.5% CAGR.
The travel management software market is projected to value at USD 17.4 Bn.
The industry-based segments of the travel management software market are healthcare, transportation, manufacturing, retail & logistics, and energy.
The application-based segments of the travel management software market are mobile applications, internet, and computer system.
Concur (SAP) (U.S.), Expensify (U.S.), Certify (Portland), Chrome River Technologies (U.S.), Appricity Corporation (U.S.), Infor(U.S.), Ariett (U.S.), DATABASIC (U.S.), Basware (Finland), Expense 8 (Australia), Oracle Corporation (Calfornia, U.S.), Fraedom (U.K), NetSuite (Calfornia, U.S.), Insperity (U.S.), Interpix, (U.S.), Skyjunxion, (Beirut) Trippeo Technologies (Canada), Unit 4 (Netherlands), Paychex (U.S.), Nexonia (Canada).